Rights Issue Shortfall Placement

23 September 2021 Rights Issue Shortfall Placement Completion On 28 June 2021, New Zealand Rural Land Company Limited (NZX: NZL) completed a rights issue which raised $20.3 mln in aggregate. The rights issue resulted in a shortfall of approximately $24.0 mln. NZL is pleased to advise that it has today allotted 16,805,868 ordinary shares at $1.10 per share to place the shortfall from the rights issue and raise a total of $18.486 mln in new capital. This, together with debt capacity that NZL has with Rabobank, represents sufficient capital for NZL to fund the acquisitions that it currently has under due diligence. Given the shortfall placement was at a sizeable discount to NZL's audited net asset value as at 30 June 2021, NZL was conscious to not raise any capital in excess of what it actually requires to fund the acquisitions that it has under investigation. NZL today also allotted 1,163,162 ordinary shares at $1.3968 per share to satisfy the performance fee payable to NZL's manager, New Zealand Rural Land Management Limited Partnership, for the period ending 30 June 2021. A capital change notice accompanies this announcement. Contact: Christopher Swasbrook Director Mobile: 021 928 262 Email: chris@nzrlc.co.nz End CA:00379712 For:NZL Type:SECISSUE Time:2021-09-23 16:01:47